- The UK’s antitrust regulator has ordered Meta to sell Giphy.
- Meta bought Giphy for $400 million in May 2020.
- The regulator said the merger would harm competition.
- For more stories visit Business Insider.
“The Competition and Markets Authority (CMA) has today concluded that Facebook’s acquisition of Giphy would reduce competition between social media platforms and that the deal has already removed Giphy as a potential challenger in the display advertising market,” the CMA said in a statement issued to Insider.
Meta said it did not agree with the decision in a statement sent to Insider following the announcement.
“We are reviewing the decision and considering all options, including appeal. Both consumers and GIPHY are better off with the support of our infrastructure, talent, and resources. Together, Meta and GIPHY would enhance GIPHY’s product for the millions of people, businesses, developers and API partners in the UK and around the world who use GIPHY every day, providing more choices for everyone,” it said.
This story is developing…